That’s right! Isn’t it nice of the market to drop all the prices this week for Black Friday, Cyber Monday sale. It just so happens that the market is about to come down and test a trend line that has acted as support all year. The lower Trend line that has the A acted as support for the second time as a bounce spot. When we pull it back on the Weekly chart below it becomes more clear.
This will now be the third test of the trend line this year. Just recently I learned about the Elliot Wave and to me this is looking like the SPY wants to drop further in this correction C wave to the Monthly 200 SMA of roughly 236. In looking at all the FAANG Stocks $FB, $APPL, $AMZN, $NFLX and $GOOGL are still dropping below the 200 SMA. In Fact more than 60% of the NYSE stocks are below the 200 SMA a good indication of a bearish trend. The furhther out that you pull the indexes you will see that there is a bigger trend of down for now. Also on the weekly chart we do not have the big volume coming in yet that indicates the buying is happening. Will definitely be watching the test of the trend line for a break or bounce.
What are your thoughts on the market sentiment? Shot me your thoughts in the comment area.
The market as a whole isnt the only area for sales. There are a bunch of sales like everywhere else.
My watchlist is 20% off with Promo Code “THANKS” Through Cyber Monday.
The charts above are from Trading View and they are having their annual 60% off sale on their charting paid services.
Trade Ideas is offering 20% off with “GOODGRAVY”
I hope that these analysis posts are helping you to see the big picture of the market right now. This correction or bigger bear market is a normal occurance of the market to later set new highs. It will be determined in my opinion when we see that big candle like the first test of the trend line that indicates buying is happening. The volume dictates who is winning the bears or the bulls.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have quest.ions or comments you can contact me here or on Profitly, Twitter (@jane_yul), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane). carpeprofit@gmail.com or YouTube
My book is available at Amazon FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It
If you want a signed copy please go to the book site
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. 15% Off First Month or First Annual – Promo Code CARPEPROFIT15
For my charts I use tradingview.com which offer free charting and paid services
Also Stocks To Trade that has a 1 week $1 trial
For the fastest level 2 I have found I use Equityfeed.
This blog is for information purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
Thanksgiving Week and the Stock Market is having a Black Friday Sale!
